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HP Is Introducing a Luxury Smartwatch

NEW YORK (TheStreet) -- The market for wrist computers is getting increasingly crowded especially now that HP(HPQ - Get Report) is getting into the act with a luxury smartwatch design of its own.

NYC-based online retailer Gilt.com announced a new smartwatch designed by award-winning designer Michael Bastian and engineered by HP. The new device will have to compete with an expanding selection of smartwatches currently fighting for shoppers' attention - numerous designs from Samsung, Sony(SNE), LG, Pebble and Garmin(GRMN) as well as long-awaited models from Motorola and a potential one from Apple(AAPL).

HP's shares were lower by 1.1% to $35.22 in early morning trading in New York.

The HP design is described as a men's watch "with incomparable attention to detail" with a 44mm stainless steel case, lighted dial, inlaid buttons and colorful, interchangeable, watch bands. The overall design aesthetic of the device was reportedly "inspired by the dashboards and trim details of luxury cars."

The new HP watch will work with both Google(GOOG) Android as well as Apple iOS devices. It will sync with a new app that allows users to interact with the watch interface and customize watch usage modes and features including time, date, weather, stocks and sports updates, remotely control music, calendar and appointment reminders, email and social media notifications as well as read (only) text messages. HP claims the watch will have a seven-day power reserve.

No prices have been announced for the smartwatch, but will launch exclusively on Gilt sometime this fall.

This is not HP's first attempt at smartwatches, as it released the HP-01 in 1977, nearly 40 years ago. The HP-01 was a tiny HP calculator with additional date, time and stopwatch features, as well as a bright red LED display. The device sold for $650 in stainless steel and $750 in 14K gold. In 2014 dollars that translates to $2,600 and $3,000, respectively.

Hewlett Packard's third quarter earnings call is scheduled for Aug. 20th. Analysts surveyed by Thomson Reuters expect the company to earn 88 cents a share on $26.96 billion in revenue.